Bulletin No. 2012-14 April 2, 2012

Rev. Proc. 2012–20, page 700. This procedure provides the procedures by which a taxpayer may obtain the automatic consent of the Commissioner of Internal Revenue to change to the methods of accounting provided in regulations sections 1.167(a)–4T, 1.168(i)–1T, 1.168(i)–7T, and 1.168(i)–8T (T.D. 9564) for taxable years beginning on or after January 1, 2012. Rev. Proc. 2011–14 modified and clarified.

Rev. Proc. 2012–23, page 712. Automobile owners and lessees. This procedure provides the depreciation deduction limitations for owners of passenger automobiles (including trucks and vans) first placed in service during calendar year 2012 and amounts to be included in income by lessees of passenger automobiles first leased during calendar year 2012.

Announcement 2012–14, page 721. This announcement provides procedures for obtaining relief from allocation and accounting errors for certain issuers of tax-exempt student loan bonds through the IRS Tax-Exempt Bonds Voluntary Closing Agreement Program.